FINANCE

SENATE APPROVES 2020-2022 MTEF_Ada Nkong

Following a debate that lasted about two hours thursday,the Senate has passed the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

This followed the presentation of the report on the 2020-2022 MTEF FSP by the Senate Committee on Finance.

Shortly after Senator Solomon Adeola made the submission, the lawmakers passed all the recommendations in the report.
The adoption of 2.18 MBPD as the daily production output in 2020 as well as the sum of $57 per barrel as crude oil benchmark price, as well as an exchange rate of N305 to a dollar for the 2020 fiscal year.

The Senate also passed a resolution that the savings on income accruing from the increase of the benchmark amounting to 172 billion be used to pay salaries and emolument of the proposed N30,000 new employees.

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